clarinews@clarinet.com (02/01/90)
BETHLEHEM, Pa. (UPI) -- Bethlehem Steel Corp. Wednesday reported fourth-quarternet income of $50 million, or 58 cents a share, down 26 percent from earnings of $65.7 million, or 79 cents a share, in 1988. For 1989, Bethlehem reported earnings of $245.7 million, or $2.93 a share, down 39 percent from $403 million, or $5.32 a share, in 1988, the company said. Fourth-quarter net sales were $1.1 billion, down from $1.3 billion for the same period 1988. For the year, Bethlehem's net sales were $5.3 bilion, compared with $5.5 billion in 1988, the company reported. Higher input costs, an outage at the large blast furnace at the Sparrow's Point plant in Baltimore, Md., and ``unauthorized'' work stoppages at the company's coal mines all contributed to the declining financial performance, the company said. Production costs were also driven up by a new labor agreement with the United Steelworkers of America that became effective June 1, 1989, the company said. Net income for the year was reduced by $105 million for costs associated with downsizing operations at Bethlehem's Baltimore Marine and BethForge divisions, the company said. Losses from steel-related operations during the fourth quarter mounted to $10.3 million and for the year totaled $138.2 million, compared with $4.9 million in losses for the same quarter in 1988 and $101.9 million for the year, the company said.